While the historic summit between leaders of the two Korea made dramatic progress towards "complete denuclearization," on April 27 at Panmunjom, Korean President Moon Jae-in and his North Korean counterpart, Kim Jong-un, effectively laid the foundation for greater economic cooperation going forward, opening new opportunities for all sides.

The Moon-Kim joint statement includes an article about economic cooperation between the two countries even though the economy was not on the official agenda of this round of the inter-Korean talks amid the realistic barrier of U.S.-led sanction against north Korea.

The pact signed by the leaders states that "South and North Korea agreed to actively implement the projects previously agreed in the 2007 October 4 Declaration, in order to promote balanced economic growth and co-prosperity of the nation. As a first step, the two sides agreed to adopt practical steps towards the connection and modernization of the railways and roads on the eastern transportation corridor as well as between Seoul and Sinuiju for their utilization."

Based on the concept, the co-prosperity of the nation could motivate the North to give up its nuclear weapons completely. President Moon has suggested a concept of a new Korean Peninsula economic map that features a long-term plan to develop the South-North territory as a whole and in a balanced manner to the benefit of all sides.

During the talks, the North's Kim admitted that his country's transportation infrastructure is outdated and has to be improved further.

President Moon expressed hopes that a joint permanent liaison office be set up in the North's border city of Kaesong to play a key role in taking the first step toward the far-reaching plan.

In addition, there will be another chance to refurbish cross-border railways after several missteps. Such a rail network would allow goods made on the Korean Peninsula to reach Europe via Russia or China. This mode of transportation facilitates trade not only with foreign countries but between the two Koreas.

In the two previous summits in 2000 and 2007, Seoul and Pyongyang agreed to cooperate to build railways and roads connecting the two Koreas as a means to further ease tension and promote exchange between the two sides that have faced off against each other since the 1950-53 Korean War.